TWO NEW LOTS ON THE MARKET

For those wanting to build their dream home to their specifications you now have that opportunity. Announcing two new listings 5410/5412 Glen Ave in Lanham MD. Each is listed by Jesse Kaye, a realtor with Accent Realty. He writes:

"INCREDIBLE OPPORUNITY, ONE OF TWO LOTS AVAIL. LAST BUILDABLE LOTS ON STREET. HOMES ON SAME STREET SOLD BY RYAN HOMES FOR 660K & 712K ON SMALLER LOTS. THESE LOTS ARE SURROUNDED BY FOREST & TIMBER. LIVE IN COMPLETE PRIVACY BUT NEAR EVERYTHING. 11,000+ SQ FT PER LOT WITH PRIVATE DRIVE & NO NEIGHBORS!!!!! CALL WITH QUESTIONS."

Click the following URL to see the listings:http://matrix.mris.com/Matrix/Public/Email.aspx?ID=21129137054


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For more information on these and other DC, Maryland or Virginia real estate offerings please visit us at http://www.accentrealtycorp.com/ and http://www.myhomesnetwork.com/.

Happy Labor Day weekend!

EDUCATION: A TOP PRIORITY FOR DC, MD, VA

Many parents when buying a home consider as one of their top priorities the school district and level of education their children will receive.

Recently NEWSWEEK recognized the top 1,300 high schools around the country for 2007 (The Top of the Class) "that do the best job of preparing average students for college", and what do you know--DC, Maryland, and Virginia had 13 high schools in the top 100 best high schools in the country. Here is the list:

13th H-B Woodlawn, Arlington, VA
21st Richard Montgomery H.S. , Rockville, MD
33rd Wash-Lee, Arlington, VA
46th Bethesda Chevy Chase, Bethesda, MD
59th Yorktown, Arlington, VA
63rd George Mason, Falls Church, VA
64th TS Wooton, Rockville, MD
65th WT Woodson, Fairfax, VA
72nd Langley, McLean, VA
73rd Walt Whitman, Bethesda, MD
76th McLean, McLean, VA
96th Banneker, Washington DC
100th Lake Braddock, Burke, VA

Thursday Links

• Area housing price gains still outpace national average [baltimore.bizjournals.com]
• Region's unemployment rate dropped to 3.3% in July [washington.bizjournals.com]
• 3 Counties' SAT Scores Decline [washingtonpost.com]
• Real estate keeps District financial condition healthy [examiner.com]
• Strong Economic Growth Reported [nytimes.com]
• Calls Grow for Foreigners to Have a Say on U.S. Market Rules [nytimes.com]
• Bright spots in the overall gloomy market [latimes.com]
• House auctions on the rise [chicagotribune.com]

DC TOP HOME SALES

The luxury real estate market in DC, Maryland, and Virginia is still hot with plenty of properties and buyers. Prospective buyers should be pleasantly surprised that these homes are not as expensive as Donald Trump's Maison de l'Amitie in Palm Springs, FL with an asking price of $125 million (picture of property above). Here is a list of available listings in DC real estate the market:

• $9,500,000- 4847 Rockwood Pkwy NW, Custom built Stone and Stucco Masterpiece with 16,000 SF, Subdivision: Spring Valley


• $6,875,000- 4 Thompson Cir NW,
  Stone Tudor Mansion. Restored to perfection over the last 2 years, Subdivision: Mass Ave Heights


• $4,500,000- 2740 Chain Bridge Rd NW,
  Stone classic with Turret, Subdivision: Kent


• $4,500,000- 2101 Connecticut Ave NW #21/31,
  Spectacular 6400 SF 6BR/6.5BA duplex residence, Subdivision: Kalorama


• $4,000,000- 1859 Redwood Terr NW,
  A Genuine 'Gem in the Rough', Subdivision: Colonial Village
  
  RECENTLY SOLD:
  


• $8,375,000- 3108 Woodland Dr NW,
  (Reduced from $8,995,000, DOM: 116, Subdivision: Mass Ave Heights)


• $7,400,000- 2860 Woodland Dr NW,
  (Reduced from $7,800,000, DOM: 118, Subdivision: Mass Ave Heights)


• $4,700,000- 2430 Wyoming Ave NW,
  (Reduced from $5,199,000, DOM: 25, Subdivision: Kalorama)


• $4,100,000- 2414 Tracy Pl NW,
  (Reduced from $4,700,000, DOM: 49, Subdivision: Kalorama)


• $3,550,000- 2308 Wyoming Ave NW,
  (Reduced from $3,995,000, DOM: 28, Subdivision: Kalorama)


• $3,350,000- 2128 Bancroft Pl NW,
  (Reduced from $3,495,000, DOM: 355, Subdivision: Kalorama)


• $3,145,000- 1111 23Rd St NW #PH-3F,
  (Reduced from $3,495,000, DOM: 29, Subdivision: West End)


• $3,495,000- 5019 Sedgwick St NW,
  (Sold for full price, DOM: 242, Subdivision: Spring Valley)


• $3,300,000- 3033 Ellicott St NW,
  (Reduced from $4,495,000, DOM: 258, Subdivision: Forest Hills)


• $3,350,000- 34 Kalorama Cir NW,
  (Above asking price of $3,300,000, DOM: 5, Subdivision: Kalorama)


• $3,000,000- 2449 Tracy Pl NW,
  (Reduced from $3,250,000, DOM: 5, Subdivision: Kalorama)


• $3,000,000- 3330 Reservoir Rd NW,
  (Reduced from $3,200,000, DOM: 31, Subdivision: Georgetown)


• $3,000,000- 5368 27th St NW,
  (Reduced from $3,150,000, DOM: 35, Subdivision: Chevy Chase)

Why won't my house sell?

In todays DC real estate market this is the question all sellers want answered, but for most realtors mums the word. In the previous real estate market the norm for most listing agents was to take a property that was overpriced to begin with, in its 'AS IS' condition (no matter what the condition), negotiate the best contract with the fewest contingencies for the seller (financing, home inspection, appraisal), and sell it in a week or less for more than the asking price. And most sellers got what they wanted!

Nowadays the tables have turned and buyers are the ones holding the reins to get the best home that money can buy. Due to the staggering amount of inventory in the housing market and buyers having the luxury of time on their side to make an informed decision, many homes just sit and sit. So, what are sellers to do?

First and foremost, sellers need to change their state of mind and understand the reality of this market. There is still plenty of opportunity for both sellers and buyers to get out ahead and create a win-win situation.

HGTV recently posted an article, 10 Easy Ways to Add Curb Appeal to Your Home, explaining what sellers need to do to command top dollar for their homes: ADD CURB APPEAL. Here are the top recommended updates that will pay off the most at resale:

1. Minor Bathroom Remodel (Avg ROI: 102%)
2. Landscaping (Avg ROI: 100%)
3. Minor Kitchen Remodel (Avg ROI: 98.5%)

Tuesday Links

• Consumer Confidence in U.S. Falls the Most in Two Years; Home Prices Drop [Bloomberg.com]
• Subprime fallout heightens global rate doubts [reuters.com]
• Report: Area home prices down 6.96% in 12 months [washington.bizhournals.com]
• Mortgage Applications Decrease in Latest MBA Weekly Survey [mbaa.org]
• Md. is richest state, census figures show [baltimoresun.com]
• Despite slump, luxury home market still kicking [miamiherald.com]
• Fed Hoped Market Would Right Itself [nytimes.com]
• Small houses are a perfect fit for many homeowners [bankrate.com]
• How FHA Could Help Borrowers Refinance and Avoid Foreclosure [yahoo.com]

Is this the best time to buy a house?

You bet it is! The real estate market in Washington DC, Maryland and Virginia has never been more agreeable to buyers than now. This past weekend I was reading some statistical information provided by MRIS where it showed home prices have stabilized, interest rates have remained somewhat the same, the unemployment rate has decreased, and days on market for homes in the third quarter is expected to increase.

This is a great opportunity to snatch up that dream home you've always wanted at a huge discount! Home prices have come down anywhere from 3-8% over the last two years making it a buyers market.

In addition to lower home prices, most sellers are giving closing help and providing other incentives such as a home warranty, paying for condo fees for a whole year, and going as far as giving away a car if the home is purchased by a certain date! New home builders in the DC Metro area have not been immune to the real estate market. They have had to adjust by reducing the sales price, giving huge incentives such as a finished rec room, a sunroom, and upgrades galore to the prospective home buyer.

The interest rates have come down from last week from an average of 6.24% to 6.17% for a 30 year fixed mortgage according to bankrate.com (08/27/07). The unemployment rate has come down in this area and days on market have decreased from the first quarter of '07 to the second, but is expected to increase during the third quarter.

So if you have been sitting on the side lines this is the time to get in the ball game and get a great deal on the purchase of your home!

Graph Image provided by MRIS.

Are Builder Incentives Worth It?

As an extra incentive to purchase a new, home builders often include incentives to the buyer, these incentives can range from a $3,000 closing cost credit to a finished basement valued at $20,000 or more and everything in between.

These incentives almost always come with a catch however; one that few homebuyers stop to think about at the exciting time of signing the contract on their dream home. The catch is this: to qualify for the incentive, the buyer must use the builder's affiliated title and mortgage company.

Home builders are not being generous when they offer these incentives , they often make up all or most of the incentive through above market mortgage rates and title fees.

I purchased a property recently from a builder and spoke to the builder's mortgage company. They offered me an interest rate quite a bit higher than I could get elsewhere plus they wanted to charge me a point (1%). I declined their offer and the builder's incentive because it would actually cost me more to take their incentive with a higher mortgage rate and fees not to mention the higher title company fees.

In this case the incentive was on the lower end of the scale I mentioned above, if they were offering me a $20,000 incentive then maybe I would have taken their incentive and refinanced immediately. Even if they had offered me a $20,000 incentive, I would only net about half that after paying the above-market rates and fees.

A Homebuyer should always compare the builder's mortgage company rates and fees and title company fees against the marketplace to determine if their incentive is worth it. In many cases they are not.

There are currently several class action lawsuits around the country against builders for violating the Real Estate Settlement Procedures Act
(RESPA) because they require the use of a specific mortgage and title company to get an incentive. The outcome of these lawsuits is to be determined, but I hope they make builders think twice before trying to dupe homebuyers with less than stellar incentives.

Posted by Kevin Shipe, an attorney for Professionals Title and Escrow Co. To read more regarding the company please visit their website at http://www.titlepros.com/.

REAL ESTATE IS LOCAL

Many of you probably are confused by the news and many real estate articles circulating in the various newspapers giving mixed reviews to the real estate and mortgage industry as a whole. But one thing that you have to keep in mind is that REAL ESTATE is local. What is happening in Austin, TX or in New York, New York is not the same as here in the DC, Maryland, and Virginia real estate market.

You have to keep an open mind that the industry as a whole is not suffering but rather certain pockets of our industry. A perfect example of this is the subprime woes and how it has affected the economy as a whole. The first thing you have to keep in mind is that the subprime market is only about 20% of the total loans originated and most of the people who got subprime loans probably should not have bought in the first place because of their poor credit rating and lack of money. Banks in the past made it so easy for anybody to get a loan that now they are suffering the consequences and have since tightened their guidelines to the detriment of many perfectly qualified applicants. Why do I say this? Well there are some people that are self employed and make a lot of money but unfortunately do not document it. Therefore a stated-stated loan would be ideal for them since we don't have to verify the income BUT nowadays these loans have almost dissapeared and if they are still around the interest rate would definitely discourage anyone to get into these loans.

Since late 2005 we have seen a downturn of the DC, Maryland, and Virginia real estate market as well as other aregions. This was inevitable. Our market cannot sustain this type of growth for a prolonged period of time. No one would be able to afford a house and that is why we have what analysts are calling a "CORRECTION".

Prices since late 2005 have plummeted as much as 10-20%. This is good for buyers and the economy as a whole. After several years of sellers demanding above asking price and demanding that home inspections be waived the tables have turned and buyers are in charge. Buyers are reducing even further asking prices and asking for concessions left and right, and you what, they are getting them!

So lets put this into perspective and if you are in the market to sell your home understand what you are getting yourself into. Price your home accordingly, be ready to negotiate, and have it in model home condition! Buyers you can probably ask for just about anything and get it, but let's be realistic and fair just like the sellers were a couple of years ago.

Good luck on your house hunting!

Posted by Darwin Romero pricipal broker of ACCENT Realty Corp. For more information on the writer and the company please visit the following website: http://www.accentrealtycorp.com/